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Morgan Stanley flags 2H margin pressure after Constellation Brands’ Q2 beat
Seeking Alpha ·
Seeking Alpha reports: Morgan Stanley said Constellation Brands’ second-quarter earnings beat was driven largely by shipments and margins, while underlying beer demand remained weak. The company reported a comparable EPS of $3.74, above Morgan Stanley’s $3.57 consensus, with sales, gross profit, and operating profit also exceeding estimates. Beer shipments rose 5.5%, helped by distributor inventory replenishment, but beer depletions fell 0.6% year over year. Modelo Especial and Corona Extra…